Toronto, ON converts Rent Bank support from loans to grants to help renters impacted by the pandemic

Toronto, ON Rent Bank Loans Grants Pandemic Renters

Complete

The Toronto Rent Bank previously issued loans to qualifying applicants for rental deposits and monthly payments. A one-year pilot offered grants of up to CAD 4,000 for rent and CAD 2,100 for deposits by new applicants facing the financial impacts of COVID-19. City officials also approved a suspension of repayments by current users through March 2022. The CAD 5 million program's success led to a permanent switch to grants and additional support through community partners.

Finance Pilot / POC Affordable Housing Outbreak / COVID

Toronto, ON

City in Ontario

Canada

Links

Toronto Rent Bank – City of Toronto

The Toronto Rent Bank, a partnership between the City of Toronto and Neighbourhood Information Post, provides support to Toronto residents who are behind on their rent or need help with a rental deposit. By doing so, the Toronto Rent Bank ensures that low-income individuals and families are able to stay in their homes and avoid […]

Newsworthy

Toronto City Council moves to make Toronto Rent Bank grant-based program permanent to help prevent evictions – City of Toronto

News Release June 16, 2022 Today, Toronto City Council approved the permanent conversion of the Toronto Rent Bank into a grant-based program, which will help more people in Toronto who were at risk of eviction stay in their rental homes. Council’s direction is the direct result of a successful pandemic-related pilot that prevented eviction and […]

Project Succeeded

The Toronto Rent Bank pilot protected 1,744 households from eviction, a 52% increase over the previous year.

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